Market is witnessing FOMO move after Bitcoin bottom test

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2021-12-27 21:55:19

Veteran trader Tone Vays, after looking at the state of Bitcoin after its deep correction below $42,000 last weekend, has made some interesting comments.

During a panel session on the latest market situation, Tone Vays pointed out that if the stock market can pull off a rally earlier this week, Bitcoin could return to the key $53,500 level.

Vays pointed out that Bitcoin has formed a V-shaped reversal – signaling an uptrend – after quickly rallying towards $47,000 from $41,500, suggesting that the range has strong buying demand.

“I really think this will look like a V-shaped reversal. You won’t get another chance to buy after this drop. If you happened to go to the toilet while the price was from $43,000 to $41,000, you missed the bottom… Then you had another chance to buy at the low $47,000, but then you didn’t have a chance. opportunity to buy under $45,000.”

As such, the trader says that the crash could give Bitcoin a real chance to hit new record highs this year. According to him, Bitcoin’s December 4 candle may have created the catalyst for BTC to start a new uptrend in the coming days.

“Due to the way this candle behaves, there is now a possibility that a new high will be made this year… The V-pattern actually created the FOMO move. [sợ bỏ lỡ] in the market”.

At the time of writing, Bitcoin is trading at $50.7, up more than 3% over the past 24 hours.

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